Profitable mass-market growth at Latin American scale.
David Vélez led Nubank through a year of large customer gains and profitable growth while the company kept its reported monthly cost to serve an active customer below one dollar.
Selection rationale
Why it was selected
Executive performance in consumer finance should show up in reach, use, economics, and the ability to keep serving customers. Under Vélez, Nubank grew across three Latin American markets while remaining profitable.
Nu ended 2025 with 131 million customers after adding 17 million during the year. It reported an 83% monthly activity rate, $16.3 billion in revenue, $2.9 billion in net income, a 33% return on equity, and an $0.80 monthly cost to serve an active customer.Nu FY2025 results, February 2026
The panel selected Vélez for the combination of mass-market reach and disciplined operating cost. These are issuer-reported results, and scale or profit alone does not prove customer welfare. Nu's loans more than 90 days past due reached 6.6% in the final quarter of 2025.
Led a service used by 131 million customers across Latin America.
Added 17 million customers while reporting $2.9 billion in net income.
Kept reported monthly active-customer servicing cost at $0.80.